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Financial institution of America is letting staff undergo attrition, trimming headcount by 3,838 over the course of the 12 months to finish 2023 with 212,985 staff. Web revenue in 2023 fell to $26.5 billion from $27.5 billion a 12 months earlier.
The financial institution’s shares rose 1.7% in 2023. That compares with a 27% surge at JPMorgan Chase & Co. and a 14% achieve for Citigroup Inc.
Morgan Stanley’s James Gorman, in his closing 12 months as CEO, obtained a 17% pay bump to $37 million for 2023.
JPMorgan Chase & Co. raised Jamie Dimon’s pay 4.3% to $36 million for a 12 months during which the financial institution notched the very best revenue within the historical past of American banking.
Charlie Scharf, CEO at Wells Fargo & Co., obtained an 18% bump to $29 million.
Moynihan, one of many longest-serving heads of a large U.S. financial institution, has signaled his curiosity in staying on for years to return. The 64-year-old CEO steered the lender by means of the pandemic after taking the helm 14 years in the past within the wake of the worldwide monetary disaster.
(Credit score: Bloomberg)
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